Jumbo Loans: When a Regular Mortgage Isn’t Enough

You may need a jumbo loan for homes that cost more than $766,550. Jumbo loans have stricter qualification rules.
Beth Buczynski
Kate Wood
By Kate Wood and  Beth Buczynski 
Updated
Edited by Alice Holbrook Reviewed by Michael Soon Lee
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What is a jumbo loan?

A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan in 2024 is $766,550 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.

Jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie Mae and Freddie Mac, meaning the lender is not protected from losses if a borrower defaults. Since they can't be resold, jumbo loans generally remain on the lenders' own books, making them a type of portfolio loan.

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Mortgage loans from our partners

Rocket Mortgage - PURCHASE logo
Check Rate

on Rocket Mortgage

Rocket Mortgage

5.0

NerdWallet rating 
Rocket Mortgage - PURCHASE logo

5.0

NerdWallet rating 
Min. credit score 
580

Min. down payment 
3.5%

Check Rate

on Rocket Mortgage

Better - PURCHASE logo
Check Rate

on Better

Better

4.5

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Better - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
620

Min. down payment 
3%

Check Rate

on Better

NBKC - PURCHASE logo
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on NBKC

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4.5

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NBKC - PURCHASE logo

4.5

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Min. credit score 
620

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3%

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